Italy's ERG to buy 636MW of wind assets from GDF Suez

Energy group ERG says it will become Italy’s biggest wind power producer after agreeing to buy a majority stake in GDF Suez subsidiary IP Maestrale.

IP Maestrale has an installed wind base of 636MW, all in Italy with the exception of 86MW of German capacity.

Genoa-based ERG acquired an 80% stake in the business in a deal worth €859m ($1.12bn) including debt. It also has an option to buy the remaining 20% from the French energy giant later.

IP Maestrale’s wind farms are “entirely financed through non-recourse project financing granted by a pool of leading Italian and international banks, due to expire in December 2022,” says ERG.

Its new Italian owner expects the company to post pre-tax profits of Log in to read complete article.

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